Dubai tourists entering the UAE can henceforth make payments in their own currencies at the point of sale, according to the latest Pay in Your Currency service introduced in the UAE, revealed a top official of the service provider.
The announcement made by Planet Payment and Network International, the largest provider of payment solutions in the MENA (Middle East and North Africa) region have entered into a deal to launch the ‘Pay in Your Currency’ service in the UAE.
Merchants, cardholders and financial institutions will benefit from this new service and its preferential exchange rates, officials said.
The Chairman and Chief Executive of Planet Payment, Philip Beck, a leading multi-currency payment and data processor, said that UAE is a progressive country and the latest ‘Pay In Your Currency’ product will add value to a purchase. The report on economic impact of tourism by World Travel and Tourism Council said that UAE visitors spent Dh.83.5bn on an average in 2009 on goods and services.
Moreover, the data by Dubai Airport indicate that passenger traffic has grown 9.2percent in 2009, touching 40.9million.
Network International, which caters to cardholders or customers from outside UAE, revealed that it aims to offer this service to every merchant.
According to Ram Chari, CEO of Network International, any hotel, retailer, travel agency and health care provider or educational institute already accepting cards as a means of payment or if interested in this card can apply for this service. Beck mentioned that this service would act as a powerful tool in improving sales, profit and customer satisfaction. As for cardholders the price comparison is the benefit of this product. The adoption of the Pay in Your Currency service has grown over the recent years, as more than six million consumers in 2009 in 30 banks and ten countries are already using this product, he added.
The service is useful for growth in revenue by merchants and having a new product that is in demand by merchants will make it easier for financial institutions to obtain and retain business.
The merchant, who accepts cards as a means of payment, will have to first swipe the card. When swiped, the system will recognize that the card has been issued outside the UAE and will offer the option of paying in home currency of cardholder. When the option is indicated to the cardholder, he can choose to pay in his own currency or in UAE dirhams to complete the transaction.
Posted on 6/2/2010 Social Bookmarking
     
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